Banner design rates - Any seasoned pros with advice?

I just recently got a new client that is interested in me designing banners for their website as a freelancer. They are a fairly decent sized online magazine with over 12M page views per month in Northern Europe.

I would love to get some of your input on rate standards and/or if you work by piece or hour.

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<strong></strong> to make things bold
<em></em> to emphasize
<ul><li> or <ol><li> to make lists
<h3> or <h4> to make headings
<pre></pre> for code blocks
<code></code> for a few words of code
<a></a> for links
<img> to paste in an image (it'll need to be hosted somewhere else though)
<blockquote></blockquote> to quote somebody